First Quarter 2015
- Like-for-like ("L/L") RevPAR was up by 2.4%.
- Revenue increased by 2.4% to MEUR 216.4 (211.4). On a L/L basis Revenue increased by 0.6%.
- EBITDA amounted to MEUR -0.7 (-0.8), and the EBITDA margin was -0.3% (-0.4).
- EBIT amounted to MEUR -12.4 (-8.5) and the EBIT margin was -5.7% (-4.0).
- Loss after tax amounted to MEUR 13.4 (10.3).
- Basic and diluted loss per share was EUR 0.08 (0.07).
- Cash flow from operating activities amounted to MEUR -7.1 (-12.4).
- 2,305 new rooms were contracted, 227 new rooms opened and 867 rooms left the system.
| MEUR | Q1 2015 | Q1 2014 |
| Revenue | 216.4 | 211.4 |
| EBITDAR | 60.9 | 61.7 |
| EBITDA | -0.7 | -0.8 |
| EBIT | -12.4 | -8.5 |
| Profit/loss for the period | -13.4 | -10.3 |
| EBITDAR margin, % | 28.1% | 29.2% |
| EBITDA margin, % | -0.3% | -0.4% |
| EBIT margin, % | -5.7% | -4.0% |
Comments from the CEO
RevPAR recovery continued during the first quarter of 2015
"Like-for-like RevPAR grew by 2.4% confirming the ongoing underlying positive trend. Our hotels in Rest of Western Europe - led by Ireland and the UK - experienced a solid development. Also in Eastern Europe the RevPAR trend was encouraging. The overall positive impact was somewhat diluted by the softening in Norway and some countries in the Middle East.
While the underlying operational performance showed an improvement, the results were negatively impacted by two items. The first was that due to timing differences our central marketing spend was MEUR 2.8 higher than the comparative quarter. This resulted in a relatively weak EBITDA flow through. The second impact was from expenses for renovation works of MEUR 2.9, which was related to one leased hotel.
Rezidor continues to deliver on our commitment to enhance the product offering and improve our competitive positioning in select markets. This was evidenced by further progress in the renovation of our leased hotels during the quarter with capex spend of MEUR 14.5.
During the quarter, we opened three new hotels with 227 rooms, and entered into long-term management and franchise agreements for ten hotels totalling 2,305 rooms. Although six hotels with 867 rooms left the system, half of them were unprofitable, so the exits actually had a small positive impact on the bottom-line."
Wolfgang M. Neumann, President & CEO
Presentation of the Q1 Results
On April 24, 2015 at 09:00 (Central European Time) a combined telephone conference and live webcast (in English) concerning the report will be presented by the President & CEO, Wolfgang M. Neumann and Deputy President & CFO, Knut Kleiven. To follow the webcast, please visit www.investor.rezidor.com .
To access the telephone conference, please dial:
| Sweden, Local: | +46(0)8 5065 3937 |
| Sweden, Free: | 0200 883 440 |
| UK, Local: | +44(0)20 3427 1903 |
| UK, Free: | 0800 279 5736 |
| USA, Local: | +1 646 254 3360 |
| USA, Free: | 1877 280 2342 |
| France, Local: | +33(0)1 76 77 22 25 |
| France, Free: | 0805 631 579 |
Confirmation code: 8339952. For a replay of the conference call please visit www.investor.rezidor.com .
Financial Calendar
Q2 2015 results: July 23, 2015 Q3 2015 results: October 22, 2015
For Further Information, Contact
Knut Kleiven Deputy President & CFO Tel: +32 2 702 9244 Fax: +32 2 702 9330 knut.kleiven@carlsonrezidor.com
Andrea Brandenberger Senior Director Business Development Strategy & Investor Relations Tel: +32 2 702 9237 andrea.brandenberger@carlsonrezidor.com
The Rezidor Hotel Group Corporate Office Avenue du Bourget 44 B-1130 Brussels Belgium Tel: +32 2 702 9200 Fax: +32 2 702 9300
Website: www.rezidor.com
About the Rezidor Hotel Group
The Rezidor Hotel Group currently features a portfolio of 434 hotels with over 96,000 rooms in operation and under development in 75 countries across Europe, the Middle East and Africa. Rezidor operates the core brands Radisson Blu and Park Inn by Radisson.
Rezidor is a member of the Carlson Rezidor Hotel Group.
For more information, visit www.rezidor.com .
This quarterly report comprises information which Rezidor Hotel Group AB (publ) is required to disclose under the Securities Markets Act and/or the Financial Instruments Trading Act. It was released for publication at 07:30 Central European Time on April 24, 2015.
Stockholm April 24, 2015
Wolfgang M. Neumann President & CEO Rezidor Hotel Group AB
The full report with tables can be downloaded from the following link:
Rezidors Interim Report January-March 2015 http://hugin.info/142138/R/1914189/683952.pdf
HUG#1914189
